Historical News and Views from the Empire State

Menu

Hyde Collection Reports $2.3 Million Economic Impact

Culminating with the success of the summer’s Georgia O’Keeffe exhibition, Modern Nature: Georgia O’Keeffe and Lake George, The Hyde Collection is reporting a twelve-month regional impact of 2.3 million dollars, calculated from September 1, 2012 through September 31, 2013.

In 2000, RKG Associates was retained by The Hyde Collection to assist in developing an estimate of its impact on Warren County’s economy. This model was updated by staff in 2013. Economic indicators include direct impacts, such as direct employment and wages of the staff and purchases of goods and services pertaining to the operation of the Museum’s business, as well as the impact of commensurate levels of employment (direct and indirect) which the purchases from Warren County vendors support.

Another segment of these calculations focused on indirect, or “spin-off” impacts from the all-important dollars generated by tourists and visitors to the Museum, as well as other “spin-off” Warren County businesses and services, in addition to dollars spent on vendors and employees of The Hyde. These impacts factored the intangible benefits which arts/cultural amenities bring to the dynamic of a downtown district and its economy.

“Besides contributing to the quality of life of our residents and being a major cultural resource for our region, this study confirms the significant commercial and economic impact we have on the financial health of our entire community,” Hyde director Charles Guerin said in a statement to the press.

During the time period of the study, The Hyde had over 44,000 visitors. Those from Warren County ,who came as general admission to the Museum, had a 25% likelihood of additional consumption and spending of $25 per person tied in with their visit. This group represented almost 6,000 visitors, or about 13% of the total.

Regional visitors from outside of Warren County, such as the Adirondack and Capital Region, represented about 12,500 visitors, of 28% of the total. They had a 30% likelihood of spending $40 per person in the area.

And certain visitor segments, such those attending The Hyde from out of the region, out of the state, and out of the country represented 14,500 visitors, or 32% of the total. They had a 50% likelihood of spending a conservative $50 per person in the area. Additionally, about one-quarter of those visitors provided “heads in bed” in Warren County hotels, inns, and cottages based on attendance surveys.

The Hyde Collection is a historic house and art museum complex with a distinguished collection consisting of works by American and European artists such as Botticelli, Rubens, Rembrandt, Picasso, Homer and Eakins, as well as important decorative arts and antique furnishings.

The Museum provides changing exhibitions in two gallery spaces, lectures, concerts, family activities and school programming. For information visit www.hydecollection.org or call 518-792-1761.

Hello, Mr. Ulrich. I am the marketing director for The Hyde. On the media release I have all our information, including address, phone, and web site. The fact that this blog did not include it is unfortunate.